The short answer

A portfolio management service puts a professional manager in charge of your investments. A model portfolio service offers ready-made portfolios at different risk levels, held on a platform and rebalanced for you, with average total costs of about 0.54% a year in 2024. A bespoke discretionary service is built around your own goals, tax position, income needs and preferences, typically for portfolios of around R5 million or more, and usually costs more. Both can run your South African retirement funds within Regulation 28, and your offshore money on international platforms such as Novia Global and Ardan, or inside offshore endowments such as RL360 PIMS and Hansard Global Select. Choose the right risk level, know the total cost — management, funds, platform and advice — and review it every year. Lawrence can arrange a managed portfolio and look after it with you.

What a portfolio management service does

A portfolio management service takes the day-to-day investment decisions off your hands. Instead of choosing and monitoring funds yourself, you agree a risk level and objectives with your adviser, and a professional manager runs the portfolio within those limits.

The manager's job typically includes:

• Deciding the mix of shares, bonds, cash and other assets for each risk level.
• Choosing the investments — funds, ETFs or shares — and replacing them when better options appear.
• Rebalancing when markets pull the portfolio away from its target.
• Monitoring markets, managers and costs, every day.
• Reporting on performance and changes.

The manager handles the investments. Your adviser handles the bigger picture: making sure the risk level still suits you, that your currencies, income and tax are planned, and that the whole arrangement, in South Africa and offshore, fits your life in Thailand.

Model portfolios and bespoke management

Model portfolio services (MPS)

A model portfolio service offers a range of ready-made, professionally managed portfolios at different risk levels — cautious, balanced, adventurous and so on. You (with your adviser) choose the model that fits you, and it's held on a platform in your name. Everyone in the same model holds the same portfolio, and when the manager makes a change, it's applied across all the accounts in that model.

Because it's standardised, an MPS can be efficient and low-cost, with published holdings, factsheets and performance so you can see exactly what you own. It isn't tailored to your personal tax position or existing holdings.

Bespoke discretionary management

A bespoke service builds a portfolio around your own mandate — your goals, timescale, income needs, tax position, ethical preferences and any investments you already hold or want to avoid. A manager looks after your portfolio individually. Bespoke services usually require a larger minimum — one major international wealth manager designs its discretionary service for clients with the equivalent of about R5.4 million or more — and generally cost more.

Model portfolios and bespoke management compared

The two main types of managed portfolio, side by side.

Sources: Crowe (October 2026), Quilter Cheviot, NextWealth via Good Money Guide (December 2024). Platform and adviser costs are additional.

Why many South Africans abroad choose a managed portfolio

The biggest benefit is often behavioural. Investors who react to headlines tend to buy after rises and sell after falls — and that's expensive. J.P. Morgan found that $10,000 invested in the US market from 2005 to 2024 grew to about $71,750 if left alone, but only about $32,871 for someone who missed the ten best days, most of which came soon after the worst. A managed portfolio, run to a plan and rebalanced calmly, helps you stay invested when it matters most.

For South Africans abroad, there's a practical benefit too: you may be busy, travelling, or simply living a life far from the financial pages. Professional management means your portfolio is looked after every day, wherever you are.

It also makes life simpler for your family. If something happened to you, a managed portfolio on a well-known platform — with a clear record of what it holds and who manages it — is far easier for a partner or children to understand and deal with than a collection of individually chosen funds spread across several accounts in two countries. Combined with named beneficiaries, a trust or an offshore will, it can make a difficult time a little easier.

What managed portfolios cost

Costs have fallen sharply. According to NextWealth's 2024 research into model portfolio services, the average total cost fell from 1% a year in 2021 to 0.54% by September 2024, and the average charge of the underlying funds fell from 0.75% to 0.36%. The largest model portfolio provider in that research charged a management fee of 0.15% a year, with underlying fund costs of 0.54%.

A full wealth-management service costs more: one large wealth manager's typical ongoing fee was 1.52% a year, covering advice, discretionary management and administration. Robo-advisers sit at the lower end, at around 0.25% to 0.75% a year plus fund costs — but without personal advice.

For South Africans, the total cost of a managed portfolio usually has four parts — and on South African products, the Effective Annual Cost (EAC) brings them together in one figure:

1. The manager's fee — for an MPS, often a small percentage.
2. The underlying funds' charges.
3. The platform or endowment charges — for example Ardan's 0.4% account fee, or Novia Global's DFM option from 0.15% on top of its platform fee.
4. Your adviser's fee for advice and reviews.

Always ask for the total yearly cost in rand, including all four. Our guide to platform and fund charges shows how to add them up.

Managed portfolio costs at a glance

Published industry figures for managed portfolio and robo services, for comparison.

Sources: NextWealth via Good Money Guide (December 2024); Harrison Brook (March 2025). Figures change; ask for current total costs.

Where to start

A managed portfolio is arranged through an adviser. Start with a free conversation, then use the right accounts and providers to move your money offshore and to Thailand.

Where a managed portfolio is held

A managed portfolio always sits inside a "wrapper". For South Africans in Thailand there are two homes.

In South Africa

Retirement annuities, preservation funds and living annuities stay in South Africa, usually on a South African investment platform (a LISP). Most of these platforms offer model portfolios run by discretionary fund managers. In a retirement annuity the model must stay within Regulation 28 — at most 45% offshore; a living annuity isn't bound by Regulation 28 and can hold more offshore. A managed model here keeps your rand retirement money looked after while you live in Thailand.

Offshore

Money moved offshore on your allowances can be managed on the international platforms and inside the endowments profiled in this section:

• Ardan International supports model portfolios run in-house or by an external discretionary manager. See our Ardan profile.
• Novia Global offers discretionary managers and model portfolios across more than 7,000 investments. See our Novia Global profile.
• RL360 PIMS lets you appoint an investment adviser, discretionary manager or platform to run the portfolio inside the policy. See our RL360 profile.
• Hansard Global Select is an open-architecture endowment that can hold a managed portfolio of funds, ETFs and shares. See our Hansard profile.

Offshore, the choice of wrapper depends on tax, estate planning and flexibility — an endowment for named beneficiaries and trusts, a platform for flexibility and low cost. The managed portfolio inside can be the same either way.

How to choose a managed portfolio

1. Agree your risk level — based on your goals, timescale and capacity for loss, not just how you feel today.
2. Decide model or bespoke — a model portfolio for most; bespoke if your portfolio is large or your needs are complex.
3. Check the manager's approach — active or passive, global or regional, how often they rebalance.
4. Look at the track record against similar portfolios, over five years or more.
5. Know the total cost — manager, funds, platform and advice.
6. Choose the currency the portfolio is run in, to match your spending.
7. Check the reporting — published holdings, factsheets, online access.
8. Agree a review routine with your adviser — at least once a year.

Our guide to investment risk and capacity for loss explains how to find the right risk level.

Points to consider

Managed portfolios have many strengths, but a few points are worth bearing in mind:

• A model isn't personal. It's run for everyone in it, not for your individual tax position or existing holdings.
• Rebalancing has costs. Changes can create dealing costs and, for investments held in your own name while you're South African tax resident, capital gains for SARS. Inside a retirement fund there's no tax on switches, and inside an endowment switches aren't taxed in your hands in the same way — check the detail with a tax adviser.
• Costs add up. Manager, fund, platform and advice charges together determine your return.
• Managers can underperform. Active choices don't always beat a simple index portfolio.
• Suitability needs checking. The manager keeps the model on track; your adviser makes sure the model still suits you.

None of these is a reason to avoid a managed portfolio — they're reasons to choose carefully and review regularly.

Active or passive models?

Managed portfolios come in two broad styles, and many providers offer both.

Passive models

Passive models are built mainly from index funds and ETFs that track whole markets. The manager decides the mix of assets and rebalances it, but doesn't try to pick winning companies. Costs are usually low — global index ETFs can cost from around 0.14% a year — and returns track the markets closely. For many long-term investors, a well-built passive model is hard to beat.

Active models

Active models use funds whose managers try to beat the market, and may adjust the mix more often in response to conditions. They cost more and their results vary more — some managers add value over time, many don't. They can suit investors who want a particular style, such as income or ethical investing.

Blended models

Many models combine the two: low-cost index funds at the core, with active funds where the manager believes they add value. Whatever the style, the key questions are the same: what does it cost, how has it done against similar portfolios, and does its risk level suit you?

Reading your manager's reports

A good managed portfolio is transparent. You should be able to see, online and in regular reports:

• What you own — every fund or holding and its share of the portfolio.
• How it has performed — over the quarter, the year and since you started, after charges.
• What has changed — and the manager's reasons.
• How it compares with a relevant benchmark.
• What it has cost — all charges, in rand or the portfolio's currency.

Don't judge a manager on one quarter or one year — markets move, and every approach has good and bad spells. Look at five years or more, compared with portfolios of a similar risk level.

When to change your managed portfolio

A managed portfolio is a long-term arrangement, and changing too often defeats the purpose. But there are good reasons to review the choice: your risk level has changed — because you've retired, a goal is closer or your circumstances have shifted; the costs are no longer competitive; the manager has persistently lagged similar portfolios over several years; or the style no longer suits you. A yearly review with your adviser is the right moment to ask these questions calmly, rather than reacting to a bad few months.

Managed portfolios for South Africans in Thailand

• Funding: move rand offshore within your allowances — R2 million a calendar year, and up to a further R10 million with SARS approval — ideally into your own offshore bank account first.
• Currency: choose offshore models run in dollars or euros, and bring a year's income into baht at a good rate.
• Income: keep a year or two of spending in cash outside the model, so withdrawals never force a sale after a fall.
• Thai tax: income and gains brought into Thailand by a Thai tax resident can be taxable since 2024 — see our tax residence guide.
• SARS: while you're South African tax resident, SARS taxes your worldwide income and gains, so the wrapper matters.
• Peace of mind: your portfolio is looked after every day, wherever you are.

Ongoing management with Lawrence

A managed portfolio works best with an adviser who keeps an eye on the whole picture. Lawrence offers South Africans in Thailand an ongoing service built around managed portfolios:

1. Choosing the right managed solution — model or bespoke — and the right platform or endowment, in South Africa and offshore.
2. Setting and checking your risk level as your life changes.
3. Planning currencies and allowances, including moving money offshore and next year's spending into baht.
4. Setting up income for retirees, with a cash reserve.
5. A yearly review meeting covering performance, costs, tax and estate planning.
6. A check at every life change — retirement, a move, a new grandchild, a lump sum.

The first conversation is free and comes with no obligation.

Three worked examples

Willem and Annelie: a balanced model in retirement

Willem, 68, and Annelie, 66, in Hua Hin, have about R7 million offshore and no wish to watch markets. Lawrence arranges a balanced model portfolio in US dollars on an international platform, with two years of spending held in cash and a yearly review tied to their visa extension. Willem's living annuity in South Africa runs on a model portfolio too, so both halves are looked after.

Thabo: a bespoke portfolio inside an endowment

Thabo, 58, has R15 million from a business sale and may return to South Africa one day. With SARS approval on the foreign investment allowance, the money moves offshore at a fixed rate, and Lawrence suggests an offshore endowment with a discretionary manager running a bespoke portfolio — tailored to his income needs and ethical preferences — with his children as named beneficiaries.

Nadia: low-cost models at home and offshore

Nadia, 42, works in Bangkok and still contributes to her retirement annuity in South Africa. She chooses a low-cost growth model within Regulation 28 for the annuity, and a global ETF model in dollars for money moved offshore. She's saving for her children's schooling too — ask about school-fee planning, or compare schools in our international schools directory.

Questions to ask

1. Model or bespoke — and why, for me?
2. Who is the manager, and what's their approach and track record?
3. What is the total yearly cost — manager, funds, platform and advice?
4. How often is the portfolio rebalanced, and how will I be told about changes?
5. Which wrapper — platform, endowment or retirement fund — and why?
6. Which currency will the portfolio be run in?
7. How will I take income, and how will it be taxed in Thailand?
8. How often will we review whether the portfolio still suits me?

Your managed portfolio checklist

• Set your goals and risk level first.
• Choose model or bespoke to match your needs and size.
• Pick the right wrapper — platform, endowment or retirement fund.
• Know the total cost in rand, including the EAC.
• Choose the currency for your spending.
• Keep a cash reserve outside the portfolio.
• Read the reports and use your online access.
• Review once a year with your adviser.

Keeping your portfolio secure

• Make sure the portfolio is held in your name with a well-known platform or insurer.
• Use strong, unique passwords and two-factor sign-in.
• Use a private, protected connection on hotel, café and condo Wi-Fi.
• Be wary of "managed accounts" offered by cold callers — genuine managers work through established platforms.

How we researched this profile

We used Crowe's investor guide to model portfolio services (October 2026), Quilter Cheviot's explanation of discretionary and managed portfolio services, NextWealth's 2024 research on model portfolio costs as reported by Good Money Guide (December 2024), Harrison Brook's review of Novia Global (March 2025), J.P. Morgan's analysis of missing the best market days (via CNBC, April 2025), and our own profiles of RL360, Hansard, Novia Global and Ardan International, with South African allowances and Regulation 28 limits as at 2026. Rand figures are illustrations or conversions at October 2026 rates. Checked 13 October 2026. Costs and services change; ask for current total costs. This profile is general information, not a recommendation of any product for any individual.